Gold May Have Begun a Brief Correction

The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.

Today's Highlight: Gold's drop Tuesday managed to hold just above last week's low. That's a lot of optimism for being down by double-digits. And that's typically not the stuff of bottoms. Even if only to conclude a corrective dip, fresh lows are likely.

Gold Apr Contract GC; (GLD) The potential that had emerged recently for probing a fresh high above 1483.00 proved only fleeting, as Tuesday plunged back to recent lows attacking 1440.00. So long as bounces now hold any test of 1551.00, dropping back under 1442.50 would confirm the correction down to 1429.50 is underway.

Silver May Contract SI; (SLV) Monday's further delay of the 22.95 pullback objective's test was starting to make it less likely, and Tuesday tried compensating by gapping down sharply to 23.40. The gap back to Monday's 23.95 close was filled, neutralizing its attraction above, and back under 23.55would signal that 22.95 was in-play.

Natural Gas Apr Contract NG; (UNG), (UNL) Two consecutive recoveries from dipping intraday into the 3.95-4.00 area did not prevent Tuesday from sliding to fresh lows. Now a close above 4.05 would signal preliminarily that momentum is reversing up to at least test 4.15. There is otherwise no active signal. Editor's note: Rod's analytical techniques are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He applies his techniques live intraday, primarily to S&P futures, at RodDavid .com.